Millennials’ preference for Ola, Uber added to auto sector slowdown: Nirmala Sitharaman

Ola-Uber vs buying a car Here's what works out cheaper

She listed out switch over to BS VI emission norms and registration fee related matter (which the government postponed later) as reasons for the auto sector slowdown.

Ms. Sitharaman also said that the automobile in India did have its good times and till about two years ago, there has definitely been a good upward trajectory for the automobile sector. "We don't have data on the informal sector, as a result, the government can't comment accurately on how many jobs have been created", she said.

India's monthly passenger vehicle and auto sales recorded their steepest fall ever in August, according to data released by a top industry body, underscoring the unprecedented slowdown in the sector.

Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday addressed a press conference in Chennai to highlight the achievements of the Modi 2.0 government and talked about the abrogation of Article 370, 35A and rolling out of GST and Income tax reforms. The best spending (by the government) will be on infrastructure. "We are in the process of identifying projects with which we can speedily get this money pushed down".

Carmakers have sought an immediate cut in GST on vehicles to revive sales during the crucial festive season, after auto sales declined for the 10th straight month. "Millennials prefer to use Ola or Uber or take the metro to buying automobiles", she said in Chennai. "Two major announcements were made in August and September and two more are expected", she said.

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On the question of the auto industry asking for a Goods and Services Tax (GST) rate cut from 28% to 18%, she said, "I can not singularly take a decision on GST".

The Minister said the Task Force has commenced work and was in the process of identifying those projects which would receive the funding (Rs 100 lakh crore).

Also she lifted the ban on purchase of vehicles by government departments and allowed additional 15 per cent depreciation on vehicles acquired till March 2020. The GDP growth rate is at five percent in one quarter, we won't compare it with earlier times. I'm not underestimating it and we are not sitting without responding to it.

Sitharaman said that the government, as part of its move to make India a United States dollars 5 trillion economy, has chalked out various measures, including infrastructure spending and merger of public sector banks, among others. "Our attempts now and full focus now are to see how it can rise in the next quarter".

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